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3 Smart Ways To Save Money

Money is hard to earn and even harder to keep especially in today’s economy. Eating less and cutting down insurance is no way to live, nor is taking personal loans a smart option with bank interest rates on the rise.

There are smarter ways to save money that do not involve starving or getting into debt.

Here are 3 of them for your benefit.

#1 Prep a Grocery Shopping List

You know how you have the tendency to go grocery shopping because you happened to be nearby and thought you just needed milk? Then you end up buying a bunch of things you didn’t need but seemed like really good deals that your inner aunty could not resist but to buy them?

That impulse buying habit is exactly what makes you spend more than you think you have. Things like confectioneries and comfort foods are both expensive and not very good for you, so you lose on two fronts by giving in to impulse buying.

Instead, prepare a grocery list of things you need to get for the week, and some of the comfort foods you want. Start by planning what you intend to cook across the week, and list down all the ingredients you need. Then check around the house if you need to replenish any household items running low.  Stick. To. The. List. Resist the urge to buy more than you have listed down.

It’s simple, but you’d realise how much money you were wasting on things you didn’t need.

#2 Commitments + Savings First

For our younger readers, commitments refer to the fixed expenses you incur from loans you’ve taken like on your car, house, student loans, etc. Most people consider their commitments and monthly living expenses first, then save whatever is left at the end of the month.

Nothing wrong with that approach, but you might find that it’s hard to save anything some months because expenses just seem to keep piling up somehow. Instead, try adjusting your approach to setting aside the money for your commitments and a fixed savings rate for yourself before planning your expenses.

Let’s say you earn RM5,000 per month and you want to save 15% of your income as a start. Then set aside the RM750 + your commitments first, then budget how you intend to spend the rest on your monthly expenses. This way, you’ll almost always keep to your savings plan unless something unforeseen happens like a visit to the doctor or your car breaks down.

#3 Maximise Cashback & Discounts

Smart shoppers know this trick – only buy the things you want on sale days if possible to save money while still having a lifestyle beyond just living paycheck to paycheck. It pays to do some research on brand sale days or hunt for coupons and discount vouchers on e-commerce platforms for the ultimate stack of savings on the same purchases you would otherwise make for way more at a retail store.

But for things like bills and parking – there are no discounts (unfortunate, we know). BUT you could earn cashback on your monthly bills and even some loan repayments when you pay using the GOPAY app. You already have to pay for those bills every month – so why not earn the cashback every month to use for your next bill cycle? It literally costs you nothing.

How to Maximize Cashback Rewards on GOPAY?

Which Malaysian doesn’t like to get a good deal? That’s probably why you’ve landed on this article – because you’re trying to figure out the best strategy to maximize your cashback.

Unlike other e-wallets that try to let you figure it out on your own (hoping you don’t earn too much) – we’ll show you how to maximize your cashback in every way on our app because that’s why you use our app.

Let’s get started!

Method 1: Group-Pay Bills for Family & Friends

Most people would use our app to pay their personal bills like their phone bills, entertainment subscriptions and utility bills. That’s cashback to you … but what if you paid for all your relatives’ or friends’ bills?

You could offer to pay their bills for them all through your account (you can register multiple bills for each category). Just collect the cash for their bills, pay for them via your GOPAY wallet and earn the cashback on their bills and yours!

Some of our housewife users told us they do that and it helps with family finances because they use the cashback to make smart purchases of groceries and entertainment for the family with the cashback, which helps housewives stretch every ringgit they can.

Why are e-wallets the future of on-the-go payments?

We have all heard the age-old saying that cash is king. However, in the past few years, e-wallets have taken the scene by storm, and from the look of things, they might be going for the throne.

Malaysia was introduced to the e-wallet scene back in 2017. Fast forward 6 years later and we now have over 50 different e-wallets used all over the country. 

This, however, is only the beginning. The world of fintech is constantly evolving, with new technology being implemented every few months. It is needless to say that fintech and e-wallets, in particular, are the future of our everyday transactions.

Despite that, many are still not convinced. Questions like “How would it benefit me?” and “Is it even safe?” pop up every day. In this article, we will be exploring the benefits of e-wallets and how they may make your everyday transactions much more convenient.